The following Plus500 review introduces one of the best-known CFD/Forex brokers. The Plus500 broker offers very tight spreads and a free unlimited demo account. Moreover, it fully supports 32 languages.
Plus500 has been around for a long time and it is a market-leading provider of CFDs. The broker first started operating back in 2008 and since then it has established a huge base of traders from all around the world. Plus500 is one of the biggest brokerage companies out there and you can even trade their own stock under the symbol “PLUS:LN”. The company offers a free demo account, a guaranteed stop loss and a very customer-friendly platform which will be appreciated by both beginners and professional traders. The Plus500 platform features 2 000 trading instruments available to its users.
Detailed information about Plus500
- Rating: (4.8 / 5) 1st Place in our crypto ranking comparison
- Website address: www.plus500.com (CFD Service. 80.6% retail clients lose money)
- Leverage: up to 1:30
- Instruments: CFDs – Forex, commodities, stocks, indices, ETFs, Cryptocurrencies
- Minimum deposit: $100
- Minimum size position: Micro lots from 0.05 lot
- Demo account: Yes, unlimited for free
- Methods of deposit and withdrawal: Wire Transfer, PayPal, Skrill, Credit and debit cards (Visa/MasterCard)
Chart of the currency pair EUR / USD at Plus500
Trading platform of the broker
The trading platform is very intuitive and it can be accessed from your computer or smartphone. In addition, Plus500 offers two ways of trading using your computer. You can either choose the WebTrader platform to trade directly from the browser without downloading any software, or the Plus500 software (Windows trader), which is the one I prefer when trading from my computer. The Windows trader allows you to orientate much faster, plus I feel I have all the tools and features at my disposal right away. One of the indisputable advantages that the broker has to offer is a wide range of trading instruments, overall there are approximately about 2 000 of them.
Plus500 free demo account
The Plus500.com broker offers an unlimited practice account with 50 000 fake money units. The demo version works exactly the same as the real account, the only difference being that you trade with imaginary funds. Therefore, you can freely test the Plus500 platform or any strategy while taking no risks whatsoever.
Trade smart – limit your risks (SL/TP) and notifications
At Plus500 traders have access to special tools and features that they can use to limit their trading risks. The two most important of them are a guaranteed stop loss, and a take profit which can be set at a guaranteed price level. Once the asset reaches the level, the trade closes itself out. That way, you can easily control the risk level of each of your trades. In addition to the SL/TP, you can also set up alert alarms that can notify you when the price reaches a certain value. Unlike the stop loss and the take profit, this feature cannot close the trade. Therefore, the decision whether a position remains open or not depends entirely on the trader. The alert can be set by clicking on the bell icon in the details of your instrument. After that, a new Price Alert function window pops up.
Plus500 fees and spreads
As you certainly know, there is nothing free and even a broker must somehow finance its operations. Plus500 makes most of its money on spreads (i.e. the difference between a bid price and an ask price) which is actually not very common as many CFD brokers also charge a fee for setting up a position. Plus500 spreads differ from instrument to instrument, but overall they are very tight. The only additional fees you can be charged are a night premium, and an inactivity fee. The night premium fee applies only when you remain in a position after the market has closed.
Is Plus500 a scam?
After my thorough inspection, I can say without hesitation that Plus500 is not a scam. There are several things indicating it is a trustworthy company. For start, Plus500 has a huge base of traders from all over the world whom it managed to attract with its high-quality services. (In the year 2016 the whole Plus500 community made trades worth 1042 + billion of $). As the broker has been around for quite some time (since 2008), its credibility has been tested by the traders. Moreover, the Plus500 Ltd company is listed on the Main Market of the London Stock Exchange. Apart from the possibility to trade its shares (symbol: PLUS:LN), the London Stock Exchange also prescribes strict rules applying to the listed companies. Therefore, any unethical practices are fully excluded.
Plus500 Ltd. is a parent company, the broker is regulated by more than one regulatory authority.
- In the UK it is regulated by the well-known FCA (Plus500UK Ltd – license number 509909)
- In Europe – Cyprus by the CySEC (Plus500CY – license number 250/14)
- In Australia by the ASIC (Plus500AU Pty Ltd (ACN 153301681) – license number 417727)
- In New Zealand by the FMA (FSP #486026)
- In South Africa by the FSCA (l.n. 47546).
Therefore, your funds are insured and safe in case of any problem on the side of the broker (e.g., insolvency).
CFD Service. 80.6% lose money
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